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Economic Quotes

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Economic Quotes

“The most basic inherent constraint is that neither time nor wisdom are free goods available in unlimited quantity. This means that in social processes, as in economic processes, it is not only impossible to attain perfection but irrational to seek perfection- or even to seek the best possible result in each separate instance.”

“For three decades and longer we have been developing the ideas, science, and technological wherewithal to build a sustainable society. The public knows of these things only in fragments, but not as a coherent and practical agenda indeed the only practical course available. That is our fault and we should start now to put a positive agenda before the public that includes the human and economic advantages of better technology, integrated planning, coherent purposes, and foresight.”

“Reality is much more complex than any judgment of right and wrong encourages you to believe. When you really understand the ethical, spiritual, social, economic, and psychological forces that shape individuals, you will see that people's choices are not based on a desire to hurt. Instead, they are in accord with what they know and what world views are available to them. Most are doing the best they can, given what information they've received and what problems they are facing.”

“I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.”

“For decades, I thought that scientific truth, solid economic case studies, and common sense were enough to bring about change on the environmental front. After all, the data is so compelling! I thought that if people just understood the severity of today's environmental threats and knew about available solutions, those solutions would happen. Not so.”